Update: Russia just canceled all gas to the EU via Nord Stream for three days of maintenance.
Natural gas imports from Russia are cut by 80% through Nord Stream 1, along with most oil shipments. On top of that, Venezuela, an alternative supplier to Russia, suspended shipments after the US and EU lifted sanctions on them, zero hedge reports.
Iran is another alternative, but it’s contingent on a nuke deal. The deal they want is very bad, and Israeli negotiators are calling for the parties involved to walk away.
At the same time, Biden is destroying the US energy sector for alternative energy that can’t possibly supply us with adequate energy soon, much less the EU.
Venezuela’s own refineries are struggling to remain in operation because of a lack of investment and a lack of repairs.
The EU must find enough fossil fuels to fill their basic needs. As they take up the supply, the US and other nations will struggle. The end result, no matter whether they find enough supplies, expect prices to soar.
Thank the Democrats and their ridiculous suicidal sanctions on Russia. And thank the EU for relying on Russia for energy. Last but not least, thank the World Economic Forum for pushing to destroy our energy sector.
According to the latest, Venezuela is no longer interested in oil-for-debt deals and instead wants refined fuels from Italian and Spanish producers in exchange for crude.” They want product swaps and are reneging on their deal from May this year. It is a better deal for them since their refineries are in disrepair.
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Single highhandedly Traitor Joe is destroying the West. This is what happens when you have Centralized Government trying to control an economy. Democrats are control freaks! So are Communist. The Government needs to let the Free Markets work, especialy let the “Too Big to Fail”, actually Fail.
The West deserves this.
Socialism causes shortages, the EU is about to have a severe energy shortage.
With all the money Venzeula made from oil, it still cannot keep refining capacity.
Refining capacity in the USA is marginal, due to all of the hurdles government created. No new refinery has been built in over 40 years.